Law No. 10 of 1991 The Law on Investment of Funds in the Syrian Arab Republic

President

Based on the Constitution

As approved by the People's Assembly at its meeting held on the date of 11-10-1411 A.H., 25-4-1991,

The following are issued:

Article 1

This law applies to the investment of the funds of Syrian Arab citizens, expatriates, Arab citizens and foreign nationals in investment projects within the framework of the economic, social and political development plans of the state.

Article 2

The following expressions are intended to apply the provisions of this law in question, together with the following:

a. Board: Supreme Council for Investment.

President of the Council: President of the Supreme Council for Investment

c. Office: Investment Office.

d. Project: a project by a natural or legal person with domestic, external, or both capital and approval for inclusion in the provisions of this law.

The investor: the natural or legal person who is licensed to establish a project according to the provisions of this law.

f. Competent State: Public entity with a relationship.

g. External money: money received from abroad by Syrian citizens, Arabs or foreigners

Chapter I

Investment areas

Article 3

Application of the provisions of this Law to economic and social development projects approved by the Council in the following areas:

a. Plant and animal farm projects, including other agricultural products.

b. Industrial projects available to the private and joint sectors.

c. Transport projects.

d. Projects to be approved by the Council for inclusion in the provisions of this Law.

Article 4

To take into account the approval of projects:

a. Be consistent with the objectives of the development agenda of the State.

b. To use available domestic resources in the national economy.

c. To contribute to the development of national output and increase employment opportunities.

d. To lead to increased export and rationalization of imports

e. To use modern machines and techniques appropriate to the needs of the national economy.

and, that the value of fixed assets required to be employed in the project from machines, tools, equipment, equipment, equipment, non-touristic means and means of imported production, is not exclusively used in the project for 10 million Syrian pounds, and this amount may be adjusted. The decision was made by the cabinet.

Chapter II

Supreme Council for Investment

Article 5

a. A higher Board of Investment shall consist of:

Prime Minister	President
Deputy Prime Minister for Economic Affairs	Vice-Chairs
Minister of Agriculture and Agrarian Reform	.
Minister of Transport	.
Minister of Supply and Domestic Trade	.
Minister of Economy and Foreign Trade	. Members
Minister of Industry	.
Minister of State for Planning	.
Minister of Finance	.
Director, Investment Office	Rapporteur

b. Invites the President of the Council to attend meetings of the Council from his or her competent and relevant subject matter to the Council without the right to vote.

Article 6

The Council exercises the following powers:

a. The approval of natural and legal persons for the establishment and comprehensiveness of development projects with the provisions of this Law and shall be issued by the competent authority in implementation of the necessary authorizations.

b. Identification of the State's contribution to the capital of joint companies.

c. The authorization of the establishment of joint companies and the contribution and limited liability covered by the provisions of paragraph-A of this article shall be issued by the decision of the Prime Minister.

d. Mandate stakeholders to prepare initial economic feasibility studies for development projects in the areas defined by this law.

e. Adoption of the external money calendar prepared by the competent authority.

Article 7

At the invitation of its President, the Council shall meet at least every two months and whenever necessary.

Article 8

In a decision by the Premier, an investment bureau is linked to the Deputy Prime Minister for Economic Affairs, whose task is to prepare and raise the projects referred to it from the competent bodies to the Council, follow up the implementation of the decisions of the Council, receive complaints from investors, and work to deal with them and do the other. The work assigned to it by this council.

Article 9

The data and private information provided by investors on their projects are not prepared for publication or for trading.

Chapter III

Exemptions, benefits and facilities

Article 10

Projects approved shall enjoy exemptions, benefits, facilities and safeguards in accordance with the provisions of this Law.

Article 11

Projects authorized to be established in accordance with the provisions of this Act shall be entitled to import:

a. All their needs of machinery, mechanisms, equipment, equipment, equipment, cars and microbuses designed to sustain projects and other materials necessary for their establishment, expansion or development.

b. Tourist service vehicles.

c. All materials and requirements for project operation.

The number and quality of the different modes of transport mentioned in paragraphs (b) of this article shall be determined by the competent authority in accordance with the grounds approved by the Board.

The imports referred to in the preceding paragraphs shall be carried out without compliance with the provisions of the cessation, prevention and accounting of the import and direct import regime of the country of origin and the provisions of the cutting regulations.

Article 12

a. Importers provided for in paragraph "A" of Article 11 of this Law shall be exempted from all taxes, financial and municipal charges, customs and others provided that they are used exclusively for the purposes of the project, and shall be abandoned only with the approval of the Council and after payment of taxes and fees. On it in its current state.

b. The imports of the project specified in paragraphs (b-c) may not be abandoned Article 11 of this Law shall be used or used for the purposes of the project only with the consent of the Council.

Article 13

a. The licensed joint companies are exempted according to the provisions of this law, their shares, funds, profits and distributions from all taxes levied on income, the property proceeds tax and the properties of what the company has to achieve its purposes and duties for seven years from the date of commencement of actual production. Or invest according to the nature of the project.

b. Projects belonging to individuals or companies that are not licensed under the provisions of this Act and their profits and distributions are exempt from all taxes on income, property and property tax and royalties for the purpose and functions of five years from the date of commencement of production or investment According to the project's nature.

Article 14

In the event that the period of establishment of the licensed project exceeds the provisions of this Act for a period of three years, the duration of the excess of the tax exemption period provided for in paragraphs 1 and B of article 13 of this Law shall be settled.

Article 15

shall be added by decision of the Council to the duration of the exemption provided for in article 13 of this Law. Two additional years if the proceeds of the exports of the commodity or service project in foreign currency already transferred to the Syrian Arab Republic through its banking system exceed 50 % of its total production within a period of time. Original exemption.

Article 16

In addition to the facilities established in the laws and regulations in force, the investor is entitled to open for his licensed project according to the provisions of this law a foreign exchange account with the Syrian Commercial Bank, which is credited to the creditor side:

1. (100 %) which is driven by foreign exchange from the capital of the project and from the loans it receives in foreign currencies.

2. (75 %) The proceeds of foreign exchange resulting from export revenues and services are derived from its activities. On the debit side of the account, the sums needed to cover all the burdens, requirements and needs of the project against foreign exchange, including those allowed to be transferred to expatriates, citizens of Arab and foreign countries, and those working in the project, are not Syrians and their rule, according to the report. The provisions of this Act.

b. Contrary to any influential text, the investor is entitled to use his or her foreign exchange funds to finance the projects licensed to establish them according to the provisions of this law, or to contribute their capital or purchase their shares.

Article 17

a. The Bank shall establish the funds of investors deposited in accordance with the provisions of paragraph 1 of Article 16 of this Law where they shall act upon request and take the necessary action to achieve this.

b. The Bank shall calculate interest on the amounts deposited in foreign exchange in the project account in proportion to the applicable interest rates.

Article 18

The investor may borrow in favor of his project from state banks in local currency by guaranteeing his private funds and in accordance with the established regulations of those banks.

Chapter IV

Joint ventures

Article 19.

A-The joint ventures licensed under the provisions of this law, which contribute to the public sector by a minimum of 25 % of their capital, shall take the form of a fool or a limited liability company.

b. The founders shall draft the statute of the company in accordance with the nature of its composition and shall be issued by the President of the Council following the approval of the Council by the President of the Council.

Article 20

A: The joint company shall have a board of directors representing the shareholders according to their contribution to the capital, and the competent authority will name the public sector representatives in the board of directors in the proportion of the shares owned by this sector.

b. The Director-General shall be appointed by the Board of Directors and the Director-General shall not combine his or her functions with the chairmanship or membership of the Board of Directors.

Article 21

a. An exception to the provisions of Law No. 134 of 1958 and Legislative Decree No. 49 of 1962 and their amendments, the Board of Directors shall establish the personnel system of the company, taking into account the provisions of Employment Act No. 91 of 1959 and its amendments and shall be issued by a decision of the Prime Minister.

b. The Company's Board of directors shall issue the financial regulations and the accounting system of the company based on the models prepared for this by the Ministry of Finance.

c. Other company regulations are issued by decision of the Board of Directors.

Article 22

In accordance with the provisions of this Act, joint companies are exempted from the tax of the nature of issuing their shares.

Chapter V

Provisions for the investment of external funds

Article 23

External money includes:

a. Foreign exchange transferred from abroad by Syrian citizens, Arabs or foreigners through a bank in the Syrian Arab Republic or in one of the methods approved by the cutting office.

b. Machinery, mechanisms, equipment, equipment, cars, buses, microbuses and materials required for the establishment, expansion, renovation or development of investment projects, as well as materials for operation and imports from abroad. c. Profits, returns and reserves resulting from the investment of foreign funds in investment projects if the capital of such projects is increased or if it is invested in other projects agreed upon and in the provisions of this law.

d. The moral rights used in the projects as patents and trademarks registered in a State of the International Federation of Industrial Property, or in accordance with the international registration rules of the international conventions held in this regard.

Article 24.

a. Investors from expatriate Syrians and Arab and foreign nationals are allowed after five years to invest the project in reconverting their net share of the project in foreign exchange abroad on the basis of the actual value of the project to not exceed the value of capital. The entrance is accepted by them in foreign exchange and according to executive instructions issued by the Council in this regard.

b. Foreign money may be transferred abroad and in the same form as it was received six months after the date of receipt if it prevented an investment from external difficulties or circumstances from the management of the investor. The Board is entitled to, in particular cases, the transfer of external money to the Board. Out of compliance with the stated duration.

c. Annually, profits and benefits of external money invested in accordance with the provisions of this Act shall be transferred abroad.

Article 25.

The Central Bank of Syria shall allow the transfer of foreign capital invested in accordance with Article 23 of this Law with its profits and proceeds abroad in the currencies it has received or in any foreign convertible currency.

Article 26

Investors from Arab or foreign nationals may insure their funds invested in the projects approved by the Arab Investment Guarantee Corporation or any other institution with the consent of the competent authority.

Chapter VI

General provisions

Article 27.

a. The investor shall submit to the competent ministry the approval of the establishment of the project and its inclusion in the provisions of this law, accompanied by documents and documents defining the elements, elements and objectives of the project and its economic feasibility and the legal form it will take.

b. The competent ministry shall study and render an opinion on the project and shall transmit it to the Council within 30-30 days of the date of submission of the application.

c. The Board shall issue its decision on the project within the 30-day period from the date of arrival of the request from the competent authority.

d. The Board is entitled to revoke the decision of approval if the project owner does not take serious action to initiate the project within one year from the date of issuance of the licence decision unless there are justifiable reasons to be accepted by the Board for the extension of the implementation period.

Article 28

The approved project owner must:

1. The maintenance of the fundamentalist trade books set out in the Trade Act.

2. Submission of an annual budget and calculation of certified profits and losses by a chartered accountant within four months of the end of the financial year of the project

3. To maintain a special register in which all details relating to the funds of the project under the provisions of this Law shall be made with exemptions, benefits or facilities and the movement of such funds and emergency actions on them.

4. Provide the Board and the competent authority with the information and data required by the Board.

Article 29

The Council shall be entitled to suspend, by decision, the exemptions, benefits and facilities granted to the project -- both or part -- in the event that the author breaches the provisions of article 28 of this Law and even implements these provisions.

Article 30.

a. The project shall entail customs duties and fines in accordance with customs laws and regulations in the event that the articles referred to in article 11 of this Law are used either for the purposes of the project or have been abandoned without the approval of the Council.

b. In the event that the violation provided for in the preceding paragraph is repeated, the Council shall be entitled to decide to discontinue the use of the exemptions, facilities and benefits specified in the present law.

Article 31.

Exemptions, benefits and facilities provided for in this Law except for tax exemptions may be granted by the Council to any of the existing projects and shall be subject to all other obligations set forth in it.

Article 32.

In case of transfer of ownership of approved projects-both or part-the new owner replaces the previous owner with the rights, obligations and meals required under the provisions of this law and regulations and instructions issued thereon and the capital gains resulting from the sale of fixed assets are subject to the sale of fixed assets to a tax income tax according to the laws and regulations in force.

Article 33.

Work continues on the provisions of Legislative Decree No. 10 of 1986 for joint agricultural companies.

Article 34

The provisions of laws and regulations relating to tourism apply to tourism projects.

Article 35.

The provisions of Legislative Decree No. 348 of 1969 remain in force for the updated projects under it prior to the operation of this Act.

Article 36

The approved projects are subject to the provisions of the Trade Act No. 149 of 1949 and its amendments in a way that does not contradict the provisions of this Act.

Article 37.

Experts, workers and technicians of Arab and foreign nationals working in an approved project are allowed to be converted (50 %) of their net remuneration, salaries, remuneration, and (100 %) From end of service compensation to foreign exchange.

Article 38.

The head of the Council of Ministers-the head of the Supreme Council for Investment-is issued instructions to implement the provisions of this law.

Article 39.

This law is published in the Official Journal.

Damascus at: 20-10-1411 A.H. 4-5.991 m

President

Hafez al-Assad

mz

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